Cortical Electrode Market Size, Share, Growth, and Industry Growth by Type (Strip Electrode and Grid Electrode), By Application (Hospital, Specialized Clinic, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Cortical Electrode Market REPORT OVERVIEW

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The global cortical electrode market size was USD 22 million in 2022 and is projected to touch USD 39.2 million by 2031, at a CAGR of 7.0% during the forecast period.

The cortex electrode is a multi-contact electrode made of a unique substance. Its main benefit is that it can be temporarily implanted into the skull and directly record the electrical activity of the cerebral cortex. They are available as strips and grids in a variety of geometries. They are positioned on the cerebral cortex's surface to make chronic or brief recordings of both healthy and abnormal brain activity (modern technique of the corticographic recordings previously practiced by Penfield and Jasper and their students at the Montreal Neurological Institute).

Increased investments in medical device development, an increase in the prevalence of neurological and cardiovascular illnesses, and consumer desire for home and ambulatory care services are the main drivers of cortical electrode market growth. Asian emerging markets are anticipated to present significant growth prospects for market participants. Based on product, technology, usability, application, and region, the cortical electrode market is divided into sub-segments.

COVID-19 Impact: Halt on Various Industries to Hamper Market Growth 

The cortical electrode market has been severely disrupted by the COVID-19 outbreak. Patient visits have dramatically decreased as a result of widespread lockdowns and social isolation policies. Therefore, sales of electrode goods have decreased. Several countries went into lockdown. Many health institutions and clinics were turned into COVID-19 testing centers. Owing to the pandemic, elective procedures were temporarily halted and manufacturing companies closed their operations.

LATEST TRENDS

"Technological Advancements to Push Market Progress"

The last ten years have seen a sharp increase in the clinical uses of brain implants for capturing and deciphering cortical electrical impulses. A micro-electrocorticographic (microECoG) electrode and universal platform were created and tested for long-term cortical recording. The new gadget does not require brain penetration because its electrode diameters and inter-electrode spacing are on the order of 100s of microm, far smaller than those of conventional ECoG grids. Acute recordings made with the system showed that electrodes with a spatial resolution of 1 mm could record separate brain activity.

Cortical Electrode Market SEGMENTATION

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• By Type

According to type; the market is divided into Strip Electrode and Grid Electrode.

• By Application

Based on the application; the market is divided into Hospitals, Specialized Clinics, and Others.

DRIVING FACTORS

"Growing Incidences of Epilepsy to Drive Market Growth "

For epileptic patients, intracranial monitoring is used to identify the seizure site. The cortical electrode market is anticipated to develop over the upcoming years due to improved accuracy in real-time brain activity monitoring, brain mapping, and seizure focus location. The key drivers of this expansion are an increase in subdural electrode awareness campaigns, a rise in strategic alliances, and the presence of multiple well-known players. Additionally, growth will be boosted by epilepsy's rising prevalence. For example, according to the study, in 2018, the publication of a study in the global open-access journal Brain Sciences stated about 30 percent of people on anti-epileptic medications don't get the seizure control they were hoping for.

"R&D Activities to Foster Market Progress"

Research and development initiatives are being supported by the rising demand for enhanced epilepsy care. Since intracranial monitoring is a pre-surgical planning step for epilepsy surgery, the rising number of epileptic patients is presenting a lucrative possibility for the number of surgeries. The cortical electrode market is expected to experience a significant increase due to the gradual shift in epileptic patients' preferences from anti-epileptic medicines (AEDs) to epilepsy surgery in the coming years.

In addition to this, active government support and growing collaboration between industry participants and healthcare facilities are predicted to boost cortical electrode market expansion throughout the projection period. For instance, in April 2019, the Australian government offered financial help for people totaling around USD 20.0 Million over four years. The program is anticipated to promote research and development initiatives and patient access to epilepsy treatment facilities.

RESTRAINING FACTORS

"False readings to Impede Market Growth"

Limitations of ECoG comprise limited sampling time, seizures (ictal events) might not be documented through the ECoG footage period. The restricted field of vision, electrode location is restricted by the part of uncovered cortex and operation time, sample faults may arise.

Cortical Electrode Market REGIONAL INSIGHTS

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"Europe to Govern Market Due to Rise in Awareness Campaigns"

Europe holds the largest part of the global cortical electrode market share due to the rise in the treatment of epilepsy, and many cutting-edge medical facilities. In addition, growing awareness campaigns about intracranial monitoring and the rising use of depth electrodes are projected to support market expansion. Due to the growing treatment gap for epilepsy, the rest of the world is anticipated to see tremendous development potential.

North America is anticipated to have a sizable market share. Due to its superior healthcare infrastructure, efficient government regulations, a sizable population of multinational corporations, and high awareness of testing and testing devices in healthcare, the region commands the biggest proportion of the market. According to the American Cancer Society, there will be 1.8 million newly diagnosed cases of cancer and 606,520 cancer deaths in the US year 2020. Medical electrodes fall under the Food and Drug Administration's (FDA) class II classification since they are typically employed in surgical procedures.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• AD-TECH Medical (U.S.)
• PMT Corporation (U.S.)
• Integra Life (U.S.)
• DIXI Medical (Spain)
• Unique Medical (India)

INDUSTRY DEVELOPMENT

• A distribution agreement was reached in 2019 between Alpha Omega and Medtronic (Ireland). (Israel). Through this collaboration, Medtronic will market its surgical navigation technologies for brain surgeries. 

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.